For example, company adjusted its American brands after analyzing local tastes / desires and then offered at one of its Taiwan’s stores. Indeed, Costco sold an experience that was highly appreciated by Taipei buyers. In addition, the company has also adopted the strategy of localization thereby introducing new and existing products in a specific region or area that suit local customers. (Cheng, 2010)
For instance, the company has focused on market penetration (low prices for existing products), product development (offering new and innovated products to current markets) and market development (expanding in new regions) strategies. In fact, Costco focuses on differentiation of its global products to obtain a clear and distinctive image in the minds of consumers. For example, Costco offered some new brands at lower prices to penetrate in Sydney market. (Stafford, 2010)
The above mentioned strategies, indeed, have resulted in Costco’s global expansion and growth. The sales in US market grew by 6% while in international market, the retailer observed a staggering 25% growth. (Talley, 2010) and (Associated Press, 2010)
Stafford, Patrick (2010) “Costco Sydney site approved, and local retailers must adapt” Smart Company Available at http://www.smartcompany.com.au/retail/20100416-costco-sydney-site-approved-and-local-retailers-must-adapt.html
Talley, Karen (2010) “Costcos Profit Jumps as Sales Growth Speeds Up” Wall Street Journal Available at ...
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